(I-BusinessNews.Com, August 02, 2022 ) According to a new market research report titled "Pea Protein Market by Type (Pea Protein Isolate, Pea Protein Concentrate, Pea Flour), Source (Yellow Pea, Green Pea), Source Process (Conventional, Organic), Application (Nutritional Supplements, Meat Alternatives) - Global Forecast to 2029", published by Meticulous Research®, the pea protein market is expected to grow at a CAGR of 15.7% from 2022 to 2029 to reach $1.14 billion by 2029. In terms of volume, this market is expected to grow at a CAGR of 12.7% from 2022 to 2029 to reach 4.68 million tons by 2029.
Over the past decade, there has been an increased interest in varying protein options. The pea protein market, along with other plant-based protein substitutes to animal protein, has been growing for several years as consumers across the globe become more health-conscious. However, animal proteins and soybean proteins continue to dominate the overall protein ingredients markets.
The increasing interest in pea protein is primarily attributed to its unique benefits over other sources such as animal protein or other plant-based sources, including their sustainable production, low allergenicity, and health benefits of eating a pea protein-based diet. Also, a growing number of millennial consumers are looking for simpler labels, delicious taste, and alternative protein sources to accommodate personalized nutritional choices that could accelerate the growth of the pea protein market.
Increasing focus on sustainable eating during the COVID-19 pandemic to drive the pea protein market growth
A healthy eating trend is gaining traction and inducing interest, which is significantly driving healthful products formulation. Pea proteins are emerging as a driving ingredient in the formation of alternative dairy and meat industry and health supplements due to their natural high protein content with other nutritional qualities and comparatively low price than other novel proteins. In response to the COVID-19 pandemic, there is a rise in smart eating. Consumers are increasingly demanding new and sustainable eating practices that offer immunity-boosting benefits as a preventive measure. The pea protein-based food industry is seeing a rapid surge in demand for products containing immune-boosting protein ingredients. Pea protein is gaining popularity to add nutrients to products; replace allergens such as wheat, dairy, and egg; and help keep gluten-free items together.
According to the International Food Information Council's (IFIC) 2020 Food and Health Survey, in 2020, 41% of dieters increased protein consumption from plant sources, and 28% of respondents eat more plant-based meat alternatives. Around 70% of consumers responded that protein from plant sources is healthiest. Thus, the rising demand for pea protein-based products in response to sustainable eating during the pandemic is expected to boost market growth.
However, many manufacturers see short-term COVID-19 impacts such as a slowdown in new product launches; lower sales in restaurants and cafeterias; supply chain disruptions, investment dependency, and interrupted consumer research.
The overall pea protein market is segmented based on type, source, source process, processing method, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on type, the pea protein market is divided into pea protein isolates, pea protein concentrates, textured pea protein, pea protein hydrolysate, pea flour, and other pea protein. The pea protein isolates segment is estimated to account for the largest share of the overall pea protein market in 2022. The large share of this segment is mainly attributed to its high protein content and high emulsification and stability properties and increased application areas such as high-performance nutrition and snack products. However, pea protein hydrolysate segment is expected to grow at the fastest CAGR during the forecast period due to increasing demand from plant-based product manufacturers. Pea protein hydrolysate is widely applied for increasing the protein content of bakery products, ready-to-drink beverages, dairy products, sports nutrition, encapsulation of flavors, essential oils, polyunsaturated fatty acids, and fat-soluble vitamins.
Based on source, the pea protein market is segmented into yellow pea and green pea. In 2022, the yellow pea protein segment is estimated to account for the largest share of the overall pea protein market, as it has an excellent source of protein, key constituents for pea protein isolates, and a huge production base. This segment is also expected to grow at the fastest CAGR during the forecast period.
Based on source process, the pea protein market is segmented into organic and conventional pea protein. The conventional pea protein segment is estimated to account for the largest share of the overall pea protein market in 2022. The leading position of this segment is mainly attributed to its lower price than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. However, the organic pea protein segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing organic products sales statistics, the rising trend of clean label products, and the increasing number of certified organic pea produce farms.
Based on processing method, the pea protein market is segmented into dry and wet processing. In 2022, the dry processing segment is estimated to account for the largest share of the overall pea protein market. The large share of this segment is mainly attributed to low capital requirement, lower energy, and water consumption compared to wet extraction, and high demand from food and beverage manufacturers. However, the wet processing segment is expected to grow at the highest CAGR during the forecast period. This process helps obtain higher yield and purity than the dry processing method.
Based on form, the pea protein market is segmented into dry and liquid. In 2022, the dry segment is estimated to account for the largest share of the overall pea protein market. The segment's major share is mainly attributed to the dry protein ingredients higher demand due to the ease of handling & transportation, cost-effectiveness, and the ability to avoid costly formulation errors and maintain the ingredients' stability. However, the liquid segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the pea protein market is segmented into nutrition and health supplements, meat and alternative meat products, bakery products, dairy and dairy alternatives, cereals and snacks, beverages, pet food, and others. The nutrition and health supplements segment is estimated to account for the largest share of the overall pea protein market in 2022. However, the meat and alternative meat products segment is expected to witness rapid growth during the forecast period. The rapid growth of this market is mainly attributed to growing veganism, increasing new product launches, and rising animal diseases.
Geographically, the global pea protein market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the global pea protein market. North America's prominent position in the pea protein market is primarily attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, huge pea production, and large presence of pea protein manufacturers. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the increasing protein-rich diet awareness, increasing health consciousness, booming food & beverages industry, rapid urbanization, a large base of vegan population, and increasing new product launches containing pea protein.
The key players operating in the global pea protein market are Roquette Freres Le Romarin (France), AGT Food and Ingredients Inc. (Canada), and Cargill, Incorporated (U.S.), Ingredion Inc. (U.S.), Archer Daniels Midland Company (U.S.), E.I. Du pont de Nemours and Company (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Shandong Jianyuan Foods Co., Ltd. (China), The Emsland Group (Germany), and Nutri-Pea Ltd. (Canada) among others.
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